Welcome to the guide for everything that Payment Initiators need to know about putting together Payment Batches via Vic.ai Payments on the Bill Pay tab.
You'll be putting together bills, whether singly or in groups, choose the amount to pay for a bill, designating the bank account to pay from, and putting these batches together for a Payments Approver to confirm that they should be paid.
In addition, you can view rejected bills from payment batches, delete bills that don't need to be paid, mark bills as paid that were paid elsewhere, see remittance details for paid bills, and a number of other features.
Submitting a Payment Batch
To submit a payment batch, follow these steps:
Select any number of bills
Click "Create Batch Payment"
The confirmation modal will confirm the bills that can be included in a batch, along with information about any that could not be included in a batch.
Make any edits desired, these attributes can be changed:
Batch Name
Comments
Schedule Batch to be initiated on a specific day in the future
Remove bills by clicking the red X on the far left
Click green Confirm & Create Batch button
Vendor Credits: Must be paired with vendor invoices of the same amount or greater than the sum of vendor credits.
Payment Batch Timing
There are a few different factors that will influence how quickly payments arrive at your vendor.
Business Days
Note, no banking transactions occur during the Federal Holiday schedule. These days will not count for required processing times, but these are taken into account when calculating the estimated arrival date in the system.
Funding Payment Batches/Withdrawals:
< 1 million, N + 1. As long as it's by 1 pm Eastern, the withdrawal completes at the end of the next business day.
> $1 million, N + 2. As long as it's by 1 pm Eastern, the withdrawal completes at the end of two business days.
In order for today to be counted as "N", and not add a day to payment funding, payment batches need to be approved by 1 pm Eastern. Otherwise, a day will be added to the withdrawal timing.
Example 1:
A $300k withdrawal on Wednesday, before 1 pm. The funding will complete on Thursday (N + 1).
Example 2:
A $1.2 million withdrawal on Monday, after 1 pm. The funding will complete on Thursday (N + 2 + 1 (for missed 1 pm cutoff))
Virtual Card Timing (once funded):
A few hours after funding concludes - (typically around early morning Eastern)
ACH Timing (once funded):
Amount < $1 million, is a same day send. Sent to the receiving bank the morning after funding concludes.
Amount > $1 million, one extra business day. Takes one business day after funding concludes, and then sent to the receiving bank the next morning.
Check Timing (once funded):
Check processing and printing takes up to 5 business days
Shipped USPS First Class from the closest printing location in the network
Payments Grid
The Payments Grid has a number of fields, which are explained below.
Status Column
Payment Status
Unpaid: Bill has not been paid, available to be added to a Payment Batch
Partially Paid: A portion of the bill has been paid
Rejected: The bill was included in a payment batch that was rejected
You have to enter into this status and acknowledge the rejection to reset the status to Unpaid
Voided: The payment batch was originally approved, but then voided
You have to enter into this status to reset the status to Unpaid
Deleted: The bill was deleted by a user
Pending: A bill is in a payment batch, that has not yet been approved
Scheduled: A bill is in a scheduled payment batch, that will be paid in the future
Paid: The payment batch has been approved, and the bill has been/will be paid according to their payment method.
Externally Paid: Bills paid directly in your ERP can be marked as paid in Vic. Basic payment method details will be included.
Note: This requires integration work, if you're interested in this feature please reach out to your CSM or Vic.ai Support
To see what status an icon represents, hover over it with your cursor for more information! Clicking into it may also bring up more interaction options.
Marking as Paid
For Unpaid and Partially Paid payment status, you can enter into the Payment Status and manually mark the bill as paid. This is denoted by the orange asterisk and will show that you marked the bill as manually paid.
Approval Status
This shows the approval status from the Invoice tab, clicking into it will show the approval log from Invoices. This is not connected in any way, shape or form with the Payment Batch approval process.
To learn more about the Invoice Approval Statuses, please reference this article.
View Invoice
Click the icon to open up the document viewer
Alternatively, clicking "Shift + I" opens or closes the document viewer
Other Fields
These fields show the same data points from the Invoices tab when the invoices were processed, which are:
Vendor
Invoice Number
Invoice Date
Payment Terms
If the vendor has a Payment Term with a discount, it will appear in this field in a purple to blue color.
Payment Term Discount Window
If using Vic.ai Payment Terms functionality, the applicable early payment discount window will appear here! You'll see the overdue or remaining days after the Due Date.
Vic.ai will default to paying the discounted value if within the discount window, but the user can choose to pay the Bill Total or other amount at their discretion.
Other Fields Continued
Due Date
Bill Total
Currency
Est. Arrival Date
If the payment batch were to be approved today, the estimated date in which the payment would be received. This is based upon the payment method of the vendor, with different timing for card, ACH, or check payments.
Amount to Pay
You can choose to underpay a bill, for a value less than the Bill Total.
Pay To
If your vendor has multiple accounts that they can be paid to, the AI will make a prediction as to which account a payment should be routed to.
Entering the prediction will show the associated confidence scores and allow you to choose from a different account as needed.
Pay From Account
Select the payment account that the bill should be paid from.
Pay From Account
If there's only one account, you don't need to do anything as it's already selected!
Deleting/Restoring Bills
To delete an open bill, select any number of bills, and then click the "Delete" action button, enter a reason for deletion, and confirm.
To restore a deleted bill, click into the Deleted status icon, and then click Undo Delete.
Views
Default Views:
Open Bills: Open bills are unpaid or partially paid. They all have a positive balance that requires payment.
Closed Bills: Closed bills are pending or have been paid and successfully and moved to your connected system.
Sort Options
Due Date
Bill Total
Inserted At
Invoice Date
Invoice Number
Vendor
Filter Options
Status
Open Bills
Unpaid
Partially Paid
Rejected
Voided
Closed Bills
Deleted
Pending
Scheduled
Paid
Bill Data
Vendor
Due Date
Invoice Number Contains
Bill ID
Remittance Details
The email address of the account used to onboard to VicPay will receive a copy of all remittances.
To find a specific remittance, open a closed bill and click the Remittance ID.
You'll receive a copy of the remittance information.
The first section contains a detailed table of the invoices and vendor credits contained in this payment.
The second page is a summary of the remittance details.
Audit Log
The audit log will track all changes made during invoice processing, and will include when it's included in a Payment Batch.
Approval Log
This shows the Approval Log from the Invoices tab.